10Beauty announces autonomous manicure innovation, securing $38M in funding; strong initial demand
Intelligent beauty company charts a robust growth path; harnesses robotics and automation to create the world's first full salon-quality manicure machine
BURLINGTON, Mass., Feb. 6, 2024 /PRNewswire/ -- 10Beauty, creator of the first full salon-quality manicure machine, announced it will launch at the end of this year, having secured $38 million in equity financing, including a newly closed $17 million extension to their Series A led by Shine Capital. Imaginary Ventures, Lerer Hippeau and Red Sea Ventures led their previous funding rounds.
10Beauty is leveraging robotics and automation to reimagine how people interact with machines to receive beauty services. The company's first product – "The 10" – has seen unexpectedly robust pre-launch demand.
10Beauty's first 1,000 machines are sold out, as the company solidified pre-sale deals with four enterprise customers, including Nordstrom and Ulta Beauty, as well as dozens of high-end hair salons. The company plans to install The 10 at 1,000 initial locations, representing a run rate of $13 million in annual manicure pod subscription revenue. These partnerships have potential to eventually represent $50 million in revenue and presence at 3,000 locations.
10Beauty is the only company in the world manufacturing a technology capable of performing a full manicure without human intervention. Insert in a pod, customize the manicure on a mobile app, slip in your hand, and let the machine remove the polish, file and shape the nails, brush away the cuticles, apply new polish, and dry the final product. The full manicure process takes roughly as long as a traditional manicure, but on the customer's timetable.
"The way beauty services are delivered has not meaningfully changed over the course of our lifetimes," 10Beauty co-founders and co-CEOs Alex Shashou and Justin Effron said. "For decades, getting your hair, nails or makeup done required relying on someone else's timetable and commitment to excellence. The 10 is built for convenience and consistent quality, regardless of where the manicure is performed."
The company, founded in 2019, is driven by a team of 35 of the world's most talented engineers working in stealth over three years to bring to life what was, until recently, a complete moonshot. This team has extensive experience, having collectively launched over 75 new robotics products. 10Beauty is committing new financing to deepening its talent pool, perfecting manufacturing capabilities and laying the groundwork for the upcoming launch into a highly eager marketplace.
"For years, companies have attempted to launch nail painting robots but to limited customer adoption given none of them can perform a full manicure," Shashou and Effron said. "We started this process thinking primarily about the at-home market, but then were blown away by how much demand there was from businesses that wanted to offer manicures to their customers without any of the traditional overhead."
The business case for The 10 is compelling. Manicures take too long, quality is inconsistent, and recipients are unable to multitask. Getting a manicure every two weeks consumes roughly a full day of the year. That process is not a fit when busy people are looking to accomplish more with limited time.
"Our goal is to make the manicure the most convenient beauty service available. We will accomplish this by placing a machine everywhere our customer already is so they can get a manicure while getting their hair done, visiting the spa, shopping, working or performing other tasks," Shashou and Effron said. "We know our customers live in a right-here-right-now era and are hungry for better options when it comes to beauty services. The expectation has been set for products to fit conveniently into the existing flow of life, whether someone is working out, brewing a cup of coffee, attending a board meeting, or conducting just about any other task in the day."
The company has attracted a world-class team of investors, including Lerer Hippeau and the founders of Warby Parker, Harry's and Allbirds through their venture fund, Good Friends. Several celebrity investors have also provided financial backing, including Sara and Erin Foster, who discussed 10Beauty's founding story on their weekly podcast.
ABOUT 10Beauty
10Beauty, based in Burlington, MA, is the definitive Intelligent Beauty company, utilizing robotics and automation to reinvent how beauty services are delivered. The company employs roughly 30 engineers and plans to launch its first product, a fully automated salon-quality manicure machine, in the second half of 2024.
Alex Shashou and Justin Effron co-founded 10Beauty and serve as co-CEOs. Alex and Justin previously founded ALICE, a B2B hospitality software platform acquired by Expedia Group, Inc. for $130 million. Chris Casey, co-founder and CTO, is a robotics expert with more than 25 years' experience in developing consumer robotics, having been on the original team that invented the Roomba robot vacuum for iRobot, where he spent 13 years.
SOURCE 10Beauty
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